Union Bank of Philippines completes debut bond

A rare international fixed rate deal from the Philippines banking sector.

Union Bank of the Philippines completed its debut international bond yesterday September 16, bringing a $125 million transaction to market via Credit Suisse First Boston and UBS. The three-year Reg S issue was downsized from $150 million after a sluggish bookbuilding period, dominated by spread widening cross the whole Philippines curve.

Pricing came in at 99.669% on a coupon of 7.25% to yield 7.375%. This equates to 455bp over Treasuries, or 409bp over Libor....